Citizen Life Insurance Company has reported a modest improvement in its profit for the second quarter of the current fiscal year 2082/83. According to the company’s unaudited financial statements for the first six months, it earned a profit of NPR 23.15 crore, slightly up from NPR 23.09 crore recorded during the same period in the previous fiscal year 2081/82.
Despite the marginal increase in profit, the company saw significant growth in its business operations from Shrawan to Poush. Net insurance premiums rose by 22.23 percent, reaching NPR 388.87 crore, compared to NPR 318.16 crore in the previous year. Income from investments and loans also increased by 6.66 percent, totaling NPR 101.39 crore.
Citizen Life’s life insurance fund showed remarkable progress, growing 35.39 percent from NPR 16.85 billion last year to NPR 22.8171 billion this year. However, retained earnings fell sharply by 69.01 percent to NPR 35.65 crore, while the catastrophe reserve fund increased by 10.05 percent to NPR 25.35 crore.
Total expenses also rose alongside revenue. During the review period, total expenses increased by 20.05 percent to NPR 475.20 crore. Commission expenses for agents grew 19.50 percent to NPR 38.06 crore. Claims payouts, however, remained largely stable, with a slight increase of 0.06 percent, totaling NPR 88.01 crore.
Although the company’s profit improved slightly, earnings per share (EPS) fell from NPR 11.73 last year to NPR 9.26 this year, with the company maintaining a paid-up capital of NPR 5 billion. The company’s net worth per share stands at NPR 126.52. Meanwhile, the total number of insurance policies declined from 1,064,000 last year to 846,000 this year.
